There are six families of mutual funds that are black-owned and managed. However, they did not make our list.

The best strategy for investing in mutual funds, advise financial experts, is to diversify–spread your money and risk across various investment styles. Ideally, your portfolio should comprise at least five mutual funds from different categories (newcomers should see table: “Great Starter Bets”). In this way, you can maintain a core group of funds to meet certain goals–retirement, buying a second home or financing a child’s education–and achieve ultimate financial success.

Great Starter Bets
Five mutual funds to help first-time investors reap maximum returns